The following is a summary of the Quicklogic Corporation (QUIK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Quicklogic reported a Q1 revenue of $6 million, marking a 45% year-over-year increase predominantly due to a 60% boost in new product revenue from EFPGAIP contracts.

• For Q1, the Non-GAAP gross margin experienced a climb to 70.3% from 59.7% in Q1 2023.

• The Non-GAAP net income for Q1 was $1.7 million or $0.11 per diluted share, a significant turnaround from the $0.5 million net loss or $0.04 per share in the same period of the previous year.

• At the end of Q1, Quicklogic's cash position was solid at $27.4 million.

Business Progress:

• Quicklogic forecasts over 30% of year-over-year revenue growth for the year 2024, substantiating their progressive market strategy.

• With two contracts for fabrication using the advanced 12nm process, significant cash flow is projected in H1 2024.

• The company's collaboration with Yourchip has developed promising chiplet opportunities, with two substantial papers submitted this year with a combined value exceeding $40 million.

• The company introduced Aurora 2.6, its comprehensive EFPGA development tool suites, with further releases planned throughout the year.

• SensiML, a Quicklogic subsidiary, secured a significant six-figure contract with a major MCU corporation, suggesting expanding reach and influence in the sector.

More details: QuickLogic IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.